Here’s news you can use in a constantly changing business environment including a spike in Michigan’s small business growth, why recession fears may be overblown, a new state law that could help bars, restaurants get fully staffed for the summer season and more.

1. Michigan sees spike in small business growth — Labor shortages and resignations have not hindered new small business starts. Since the start of the pandemic, small business applications filed are up 59%. Michigan is now home to 902,000 small businesses, employing nearly half of the state’s workforce. Read more about this encouraging business growth.
2. Time to adjust your postage budget — The USPS proposed a price increase to the Postal Regulatory Commission. If approved, the cost of a First-Class Mail “forever” stamp would increase from 58 cents to 60 cents. Learn more about the potential postage stamp increase.
3. Why recession fears seem overblown — The April jobs report showing unemployment unchanged at 3.6% is just one reason to see the 2022’s first-quarter decline in real GDP as a fluke and not a warning sign of recession. Read an expert opinion on why the worst is likely past for inflation.

4. Proposed legislation could help bars and restaurants — Under current law, 17-year-olds can clear alcohol from tables and stock the bar but they cannot carry alcohol or complete a sale for alcohol. New legislation in front of the Michigan Senate could change this rule to allow those 17 and older to serve alcohol and complete sales of alcohol, giving restaurants and bars access to a wider pool of workers. Learn more about the proposed law.

5. Do you know what your employees think of you? Few people set out to be bad boss but most bad bosses have no clue how unhappy their employees are. Discover how inadvertently you could be a bad boss.

 

Thank you to our Friday Five sources:  MLive, GO Banking Rates, Corp!, Michigan Chamber of Commerce and Fast Company.

Do you have business banking questions? Contact our knowledgeable commercial loan officers online or call 800-991-2221. We’re also available to help in person at your local office.

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